Albin F. Moschner
About Albin F. Moschner
Independent Trustee of Nuveen Variable Rate Preferred & Income Fund (NPFD) since 2016; born 1952 and based in Chicago. Founder and CEO of Northcroft Partners, with prior senior operating roles in wireless/telecom and consumer electronics; designated an audit committee financial expert by the Board. Education: B.E. in Electrical Engineering (City College of New York, 1974) and M.S. in Electrical Engineering (Syracuse University, 1979). Current term structure: nominee elected by holders of Preferred Shares for a one-year term; for funds without preferred shares he serves in Class III through 2027 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northcroft Partners, LLC | Founder & CEO | Since 2012 | Advisory/consulting in management and governance solutions |
| Leap Wireless International, Inc. | Consultant; COO; CMO | 2011–2012; 2008–2011; 2004–2008 | Senior operations/marketing leadership in consumer wireless |
| Verizon Card Services (Verizon Communications) | President | 2000–2003 | Led card services division |
| One Point Communications | President, One Point Services | 1999–2000 | Built services platform |
| Diba, Incorporated | Vice Chairman of the Board | 1996–1997 | Internet technology provider governance role |
| Zenith Electronics Corporation | CEO; President & COO; other executive roles | 1991–1996 | Led turnaround/execution in consumer electronics |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | 2012–2019 | Payments/services; chaired board in 2019 |
| Wintrust Financial Corporation | Director | 1996–2016 | Banking board service |
| Kellogg School of Management Advisory Board | Advisory Board (emeritus since 2018) | 1995–2018 | Business school advisory leadership |
| Archdiocese of Chicago Financial Council | Advisory Board (emeritus since 2018) | 2012–2018 | Financial oversight advisory |
Board Governance
- Independence: All nominees and Board Members, including Moschner, are not “interested persons” of the Funds/Adviser and are deemed Independent Board Members .
- Election by Preferred Shareholders: For NPFD and certain funds with preferred shares, Moschner is a nominee elected by holders of Preferred Shares for annual one-year terms .
- Committee assignments: Chair, Closed-End Fund Committee; Member, Compliance, Risk Management & Regulatory Oversight Committee; Member, Nominating & Governance Committee; Member, Investment Committee .
- Financial expertise: Designated as an “audit committee financial expert” by SEC definition (designation applies at Board level) .
- Attendance: Each Board Member attended at least 75% of Board and committee meetings in the last fiscal year .
- Leadership structure: Unitary board across Nuveen Fund complex; Independent Chair of the Board is Robert L. Young .
NPFD Board and Committee Meeting Activity (last fiscal year)
| Meeting Type | Count |
|---|---|
| Regular Board | 5 |
| Special Board | 8 |
| Executive Committee | 8 |
| Dividend Committee | 8 |
| Compliance Committee | 6 |
| Audit Committee | 14 |
| Nominating & Governance | 5 |
| Investment Committee | 4 |
| Closed-End Fund Committee | 4 |
Fixed Compensation
- Structure change: Effective Jan 1, 2024, Independent Board Members receive a $350,000 annual retainer plus annual committee membership retainers ($30k/$35k for Audit & Compliance, $20k→$30k for Investment, $20k→$25k for Dividend, Nominating & Closed-End Funds) and chair/co-chair retainers ($140k→$150k for Board Chair; others $30k→$35k or $25k), with ad hoc/special assignment fees .
- Prior structure: For 2023, $210,000 annual retainer plus per-meeting fees by committee; Board Chair $140,000 and committee chairs $20,000 .
- Deferred compensation plan available at certain funds; Moschner shows no deferred amounts in the plan tables (dashes across funds) .
| Metric | NPFD (last fiscal year) | Fund Complex Total |
|---|---|---|
| Aggregate Compensation from NPFD ($) | $2,410 | n/a |
| Total Compensation Paid from Funds in Fund Complex ($) | n/a | $481,250 |
Performance Compensation
- No performance-based equity or cash incentives are disclosed for directors; compensation is retainer- and committee-based, with ad hoc fees and chair premiums; no equity or option awards to directors are described .
Other Directorships & Interlocks
| Company | Role | Current/Past | Notes |
|---|---|---|---|
| USA Technologies, Inc. | Chairman (2019); Director | Past | Payments solutions; governance leadership |
| Wintrust Financial Corporation | Director | Past | Regional bank board service |
- No current public company directorships are listed for Moschner in the past five years column; philanthropic/academic advisory roles are noted .
Expertise & Qualifications
- Technical and operating expertise: Senior roles in wireless, telecom, and consumer electronics; founder/operator experience .
- Governance credentials: Audit committee financial expert designation; chair of Closed-End Fund Committee; member across risk/compliance, nominating/governance, and investment oversight committees .
- Education: B.E. (City College of New York, 1974); M.S. (Syracuse University, 1979) .
Equity Ownership
| Fund | Shares Owned | Dollar Range | Ownership % of Fund |
|---|---|---|---|
| NPFD (Variable Rate Preferred & Income) | 0 | $0 | 0% (derived from shares=0) |
| Floating Rate Income (JFR) | 34,519 | Over $100,000 | <1% (each individual <1%) |
| Real Estate Income (JRS) | 1,017 | $1–$10,000 | <1% (each individual <1%) |
| Aggregate across Fund Complex | n/a | Over $100,000 | n/a |
- Ownership guideline: Board principle expects each Independent Board Member to invest at least one year of compensation (directly or deferred) in funds across the Fund Complex; not tied to NPFD specifically .
- As of Feb 18, 2025, each Board Member’s individual holdings are less than 1% of any Fund; group holdings also less than 1% .
Governance Assessment
- Committee leadership and workload: As Closed-End Fund Committee Chair, Moschner is central to discount/premium analysis, leverage oversight, and distribution policy reviews—positive for board effectiveness at closed-end funds .
- Risk and oversight breadth: Membership on Compliance, Nominating & Governance, and Investment committees indicates broad engagement across risk, oversight, governance process, and performance monitoring; audit financial expert designation strengthens financial oversight credentials .
- Attendance and independence: Meets the 75%+ attendance threshold; independent status is clear; Board leadership by an independent Chair enhances governance tone .
- Alignment signals: While the Fund Complex has an ownership expectation, Moschner holds no NPFD shares (0), though he does hold other Nuveen closed-end fund shares; investors may prefer director-level ownership in NPFD specifically—monitor for future changes in NPFD-specific holdings (RED FLAG: NPFD-specific zero ownership) .
- Compensation structure: The move from lower retainers/per-meeting fees to higher fixed retainers and committee retainers (effective 2024/2025) increases guaranteed cash compensation; no performance metrics for directors—neutral to modest negative for pay-for-performance optics in an investment company context .
Potential Conflicts and Related-Party Exposure
- No related-party transactions or pledging/hedging disclosures involving Moschner are identified in the proxy; Section 16(a) compliance noted across Board Members .
- Past external roles (USA Technologies; Wintrust Financial) are historical; no current interlocks with NPFD adviser/service providers are disclosed for Moschner .